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Live Nation upgraded to Buy from Neutral at Citi

LYVLive Nation

$37.32

-0.43 (-1.14%)

12/22/17

12/22/17DOWNGRADE

On The Fly: Top analyst downgrades

Catch up on today's top analyst downgrades with this list compiled by The Fly: 1. Dynagas LNG (DLNG) downgraded to Hold from Buy at Stifel with analyst Benjamin Nolan saying although the new three-year contract extension with Statoil (STO) improves cash flow visibility, the rates were below expectations and the cash flow gap has widened. 2. Hovnanian (HOV) downgraded to Sell from Neutral at MKM Partners wiht analyst Megan McGrath saying the large positive move up on the heels of its earnings report followed what she viewed as "only a mildly positive quarter." 3. Bojangles (BOJA) was downgraded to Hold from Buy at Jefferies while Wingstop (WING) and Shake Shack (SHAK) were downgraded to Underperform from Hold. 4. WWE (WWE) and Live Nation (LYV) were downgraded to Neutral from Buy at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Estimating that $13 per Liberty Formula One (FWONK) share is attributable to the value of its 34% stake in Live Nation (LYV), Morgan Stanley analyst Benjamin Swinburne believes that leaves the stub trading at $18-$19 per share, which he views as a "highly compelling" valuation for a business with exclusive, global sports property and that he thinks should grow consistently in the mid to high-single digits. A reset in expectations after revenues fell in 2017 doesn't change his view of the long-term opportunity for growth, while the pullback creates a buying opportunity, said Swinburne, who has an Overweight rating and $47 price target on Liberty Formula One shares.

04/04/18

JEFF

04/04/18NO CHANGETarget $52JEFFBuy

Jefferies does not expect Justice Department suit against Live Nation

Shares of Live Nation are down 13% this week after press reports indicated the Department of Justice is looking into the company's marketplace behavior, Jefferies analyst John Janedis tells investors in a research note. Based on channel checks, the analyst does not expect the DOJ to bring a lawsuit against Live Nation. Janedis believes the company's longer term secular story is intact and he keeps a Buy rating on the name with a $52 price target.

JPMorgan analyst David Karnovsky believes the 9% selloff this week in shares of Live Nation creates an attractive opportunity for long-term investors. The actual New York Times article reads less negative than the headlines, Karnovsky tells investors in a research note. He points out that Live Nation is allowed to bundle its promotion and ticketing services, and can redirect tours to different venues provided it can "defend the decision as sound business." The analyst finds it unlikely that the Department of Justice looking into the company's practices will result in anything. He keeps an Overweight rating on Live Nation with a $51 price target.